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Fitch downgrades GMAC, ResCap

SAN FRANCISCO (MarketWatch) — Fitch Ratings on Monday downgraded ratings for both GMAC LLC and the company’s Residential Capital mortgage unit as a result of the continuing credit crisis. The rating agency lowered GMAC’s issuer default rating to BB from BB+, and ResCap’s issuer default rating to BB- from BB+. Fitch said the ratings outlook for GMAC and ResCap is negative. The actions affect about $100 billion in GMAC debt, and about $18 billion of ResCap debt.
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Original post by Forextvblog

This entry was posted on Monday, March 3rd, 2008 at 10:23 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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